Latest news with #MiddleEastHealthcareCo
Argaam
24-03-2025
- Business
- Argaam
Saudi German Health sells land plot for SAR 122M
Middle East Healthcare Co. (Saudi German Health) completed the sale of a 4,000-square meter land plot, in the Al-Sahafa district, Riyadh, for SAR 122 million, exclusive of real estate transaction tax. In a Tadawul statement, the company said the buyers are Al-Lujain Architectural Company for Development and Real Estate Investment, with 50% ownership, Abdullah Hamad Al-Mugames Real Estate Development Co. (25% stake), and Mohammed Abdulrahman Al-Mugames Real Estate Development Co. (25% stake). The asset book value is SAR 7.99 million, Saudi German Health said, adding that the sale is part of the company's efforts to strengthen its financial position and improve cash flow. The relevant financial impact will likely appear in the results of the quarter, in which the sale occurred. The sale proceeds will be used to finance the ongoing activity, the medical services provider said, adding that there are no related parties to the deal. According to Argaam data, the company generated capital gains of SAR 114 million.
Arab News
05-03-2025
- Business
- Arab News
Closing Bell: Saudi main index closes in red at 11,898
RIYADH: Saudi Arabia's Tadawul All Share Index slipped on Wednesday, with the main market shedding 32.84 points, or 0.28 percent, to close at 11,898.86. The total trading turnover of the benchmark index was SR5.63 billion ($1.5 billion), with 69 stocks advancing and 165 declining. The MSCI Tadawul Index also slightly edged down by 0.07 percent to 1,499.42. Nomu, the Kingdom's parallel market, on the other hand, edged up by 21.44 points to close at 31,555.48. The best-performing stock on the main market was Middle East Healthcare Co. The firm's share price increased by 6.37 percent to SR73.50. The share price of both National Medical Care Co. and Advanced Petrochemical Co. rose by 4.51 percent and 3.74 percent to SR167 and SR27.75, respectively. Conversely, the share price of Walaa Cooperative Insurance Co. declined by 9.95 percent to SR20.46. On the announcements front, Saudi Electricity Co. said that its net profit for 2024 reached SR6.8 billion, representing a decline of 33 percent compared to 2023. The share price of the utility company slipped by 0.84 percent to SR16.60. Gas Arabian Services Co. revealed that its net profit for 2024 stood at SR113.9 million, marking a rise of 39.88 percent compared to the previous year. The company attributed the rise in net profit to growth in revenue. Its share price increased by 0.48 percent to SR16.78. Dallah Healthcare Co. said that its net profit for 2024 increased 30.84 percent year on year to SR471.2 million. The firm added that the rise was due to an increase in revenues and improved performance of associate companies. Despite the increase in net profit, the company's share price declined by 6.01 percent to SR135.6. City Cement Co. said that its net profit for 2024 reached SR144.1 million, representing an increase of 75.75 percent compared to 2023. In a Tadawul statement, the company attributed the increase to a rise in sales volume for the current year and an increase in average selling price this year. The share price of City Cement Co. increased by 3.74 percent to SR19.90.
Argaam
03-03-2025
- Business
- Argaam
Saudi German Health CFO says profit growth driven by patient volumes, expansion
Middle East Healthcare Co. (Saudi German Health) CFO Madani Hozaien said the company's Q4 2024 net income growth was driven by higher revenue from rising patient volumes and expanded capacity, particularly in Dammam and Makkah. These two branches shifted from losses to higher operational capacity. In an interview with Argaam, Hozaien said outpatient visits rose 6% year-on-year (YoY) to 621,000 in Q4 2024, adding inpatient admissions grew 11% YoY to 26,000. Despite revenue growth, gross income declined due to seasonal shifts in the sales mix. This led to variations in gross margin performance across branches. Hozaien noted that private-sector healthcare demand is rising as the number of insured individuals in Saudi Arabia continues to grow, leading to higher patient traffic to private hospitals. He added that the company's nationwide presence has strengthened Saudi German Health's role as a key strategic partner to the Ministry of Health. Its hospitals in Mecca and Medina play a vital role in serving pilgrims and Umrah visitors. On Zakat-related settlements, Hozaien stressed the company's adherence to international accounting standards, adding the outstanding Zakat and tax liabilities for 2023 have been recorded as a precautionary measure. He reaffirmed the company's belief in its entitlement to most disputed amounts. If a favorable ruling is issued, the provisions will be reversed accordingly, Hozaien said. Looking ahead, the CFO expects performance to keep improving in Q1 2025. Growth will be supported by capacity expansions and increased specialized medical services led by top-tier Saudi consultants, Hozaien said.
